Trouble in Paradise
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Assumption mortgage.. divorce
Anyone know any info on this? and what it involves?
Re: Assumption mortgage.. divorce
You'll have to contact your lender because each one is different.
Generally though, your loan must be current. Did you sign the Note and Mortgage? Do you have a divorce decree awarding you the property? Do you have a quit-claim deed?
It's my understanding that assumption merely removes the ex-spouse from the loan, which also removes liability in the event of a default. Or, if a spouse was not on the original Note and Mortgage, it's taking over responsibility from the individual who took out the loan.
Is re-finance not an option?
I did this with my XH. It was fairly easy on my end as he was the one "buying" me out from the mortgage. He called the lender and they sent him all of the paperwork. We both had to fill it out (some of which needed a notary signature). The only downside (for him) is that he had to pay some closing costs for the process.
3/12 5 mi -- 49:22 Pace: 9:52
5/1 Half Marathon -- 2:11:22 Pace: 10:01
5/22 10k -- 56:29 Pace: 9:00
5/24 3.6 -- 29:03 Pace: 8:18
7/10 15k -- 1:44:46 injured Pace: 11:14
10/29 5k -- 28:24 Pace: 9:04
As donny said, this varies by lender. My XH and I were both on the mortgage, and according to our separation agreement, he was to buy me out as the first option, and, failing that, we were to split sale costs/profits evenly. The lender denied his application to assume the mortgage because of his financial idiocy. He then tried to refinance with a different lender, and that was also denied unless he ponied up a large DP.
Call your lender and they'll walk you through the process.